DISCLAIMER This presentation may contain certain forward-looking - PowerPoint PPT Presentation

DISCLAIMER This presentation may contain certain forward-looking statements with respect to certain of Old Mutual Limited and Old Mutual plc’s plans and its current goals and expectations relating to its future financial condition, performance and results and, in particular, estimates of future cash flows and costs. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Old Mutual Limited and Old Mutual plc’s control including amongst other things, UK and South Africa domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing and impact of other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which Old Mutual Limited and Old Mutual plc and its affiliates operate. As a result, Old Mutual Limited and Old Mutual plc’s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Old Mutual Limited and Old Mutual plc’s forward looking statements. Old Mutual Limited and Old Mutual plc undertakes no obligation to update the forward-looking statements contained in this presentation or any other forward-looking statements it may make. Nothing in this presentation shall constitute an offer to sell or the solicitation of an offer to buy securities. 1

TODAY’S PRESENTERS Trevor Manuel Chairman  Peter Moyo Chief Executive Officer  Casper Troskie Chief Financial Officer  2

SUPPORTED BY A MARKET LEADING EXECUTIVE MANAGEMENT TEAM Delivering Old Mutual to our customers Mass & Old Mutual Rest of Customer LatAm Personal Old Mutual Wealth & Foundation Insure Africa Solutions and Asia Finance Corporate Investments Cluster Director Clarence Karabo Clement Dave Hannes Jonas Raymond David Nethengwe Morule Chinaka Macready Wilken Mushosho Berelowitz Buenfil Driving efficiency and change Chief Chief Governance, Chief Human Operating Marketing Regulatory & Risk Capital Officer Officer Corporate Officer Director Affairs Iain Vuyo Joel Richard Celiwe Williamson Lee Baepi Treagus Ross 3

AGENDA FOR THE DAY Welcome Trevor Manuel Our Investment Case and Battlegrounds Peter Moyo Our Group KPIs and Peter Moyo Operational Performance Q&A with Executive Management Peter Moyo & Executive Management Coffee Break Financial Review Casper Troskie Conclusion Peter Moyo Q&A Lunch 4

WE ARE EXCITED TO BRING OLD MUTUAL BACK TO AFRICA  Part of South Africa’s and wider Africa’s financial and social fabric Homecoming  Committed to doing our part for the societies we serve  Aligned to improved political and macro sentiment within South Africa  African financial services group with 173 years of history  Widely recognised and established brand Exceptional business  Compelling equity story  Transformed and experienced management team Focused  Restructured leadership and reporting lines management team  Sharpened operational focus  Established Board in place Strong governance  Deep insurance and banking experience as well as experience governing a JSE-listed company 5

EXTENSIVE PROCESS IN PREPARATION FOR OUR LISTING Complete To Listing Post Listing (at 20 April) Old Mutual Limited (OML)    Extensive review of Key competencies Nedbank Unbundling OML’s business finally incorporated  Targeting within 6 strategy into OML existing months of OML capability  Readiness for listing listing  Shareholder General  Agreement with the  Hardcoded in OML Meeting to approve EDD 1 and MOI MS Residual plc Nedbank Competition Tribunal  Sustain capabilities approval  Listing of OML on the (Positive NAV) (32%) for listing readiness JSE, LSE, ZSE, MSE and  More than 80 NSX  Implement EDD approvals and rulings commitments  obtained from Court meetings in Listing, Central Bank, process  To be unbundled Regulatory approvals Financial Regulatory, / notifications  Regulatory approvals Competition and Tax / notifications authorities  OML CFO transition OML continuing operations  All separation agreements signed  Signed New Relationship Operating Nedbank Agreement with Segments (19.9%) 2 Nedbank  Residual plc due diligence complete 1. Economic Development Department 2. OML, through its shareholder funds, owns 52% of the issued share capital of Nedbank. After the Nedbank Unbundling, the Group will retain a minority of 19.9% of the issued share 6 capital of Nedbank in its shareholder funds.

Old Mutual Limited Analyst Presentation 17 May 2018

AGENDA FOR THE DAY Welcome Trevor Manuel Our Investment Case and Battlegrounds Peter Moyo Our Group KPIs and Peter Moyo Operational Performance Q&A with Executive Management Peter Moyo & Executive Management Coffee Break Financial Review Casper Troskie Conclusion Peter Moyo Q&A Lunch 8

WHAT WE WILL BE DISCUSSING TODAY  Progress on our 8 battlegrounds and strategy update  Detail on 2017 performance  Our KPIs and guidance on key metrics  Our financial and capital position  Management incentivisation 9

A COMPELLING INVESTMENT PROPOSITION 2017: RoNAV 2 Average CoE + 4% AHE Strong business with leading market positions R13.4bn Results from operations 3 of Nominal GDP + 2% FUM Positioned for longer term sustainable growth R1.2trn SAM Solvency Ratio 4 155% – 175% NCCF 1 Sustained high cash generation R14.5bn Dividend Cover 5 1.75x – 2.25x Customers 1 Delivering on substantial business improvement and c.12.0m cost efficiency opportunities Cost savings target to end 2019 6 R1.0bn 1. Figures do not include Nedbank. 2. “ RoNAV ” is defined as Adjusted Headline Earnings divided by average Adjusted IFRS equity. Adjusted IFRS Equity is calculated as tot al Group equity attributable to ordinary equity shareholders, before adjustments related to consolidation of funds. It excludes equity related to Residual plc and discontinued operations and is further adjusted to recognise the equity attributable to the retained 19.9% interest in Nedbank from the 2015 financial year onwards. From the time of the Nedbank Unbundling, the equity attributable to Nedbank will be adjusted to remove the one-off fair value adjustment required under IFRS and the same adjustment will be applied when calculating RoNAV on an ongoing basis. The average Adjusted IFRS equity will be calculated on a quarterly basis for each reporting year. 3. The Group is targeting to grow Results from Operations at a CAGR of Nominal GDP + 2% over the three years to 2020. Nominal GDP growth is defined with reference to South Africa. 4. The Standard Formula allows for, subject to Regulatory approval, certain methodology elections to be made. The estimated SAM Sol vency positions are presented on the basis of the Group’s preferred methodology which will, once the SAM framework is implemented, be formally presented for Regulatory approval. Excludes any residual plc NAV surplus. Based on current Nedbank shareholding. 5. Based on Adjusted Headline Earnings. Targeting an interim dividend of 40% of the current year interim Adjusted Headline Earnings. Any dividends will take into account: underlying local cash generation, fungibility of earnings, targeted liquidity and solvency levels, business strategy needs, and market conditions at the time. 10 6. R1.0 billion of pre-tax run-rate cost savings by end 2019, net of costs to achieve this. This will be based off the 2017 IFRS administrative cost base (as defined), and adjusted for inflation and FX over 2018 and 2019. Targeting costs to be managed within inflation thereafter.

KEY STRENGTHS SUPPORTING THE OML EQUITY STORY Over 12 MILLION STRONG CAPITAL BASE CUSTOMERS with OML catering with future upside from Residual plc for all CUSTOMER NEEDS Largest multi-channel STRONG MANAGEMENT DISTRIBUTION NETWORK TEAM aligned to deliver and reach amongst DIVERSE OFFERINGS traditional SA peers 1 Significant scale to leverage Widely recognised and established MASS & FOUNDATION BRAND in various geographies leading market position 11 1. The Group had approximately 7,900 tied advisers and 323 customer facing branches as at 31 December 2017. Based on available public disclosures, the Group had both the largest tied adviser network and the largest customer-facing branch footprint in South Africa amongst its traditional insurance company peers as at 31 December 2016.

PROGRESS ON OUR 8 BATTLEGROUNDS 1 Defend SA market share in mass market & corporate Consolidating and growing our 2 leadership position Defend and grow in SA Personal Finance market 3 Improve the competitiveness of Wealth and Investments Improving key 4 Growth, returns underperforming Continued turnaround of Old Mutual Insure and cash businesses 5 generation Turnaround East African business and improve returns across ROA opportunity 6 Win the war for talent Building long-term 7 competitive Refresh the technology offering advantage 8 Cost efficiency leadership 12